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Income Taxes
 12 Months Ended
Dec. 28, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
U.S. and foreign income before income taxes are as follows (in thousands):
        
December 28, 2024December 30, 2023December 31, 2022
United States$(17,062)$399,378 $551,521 
Foreign264,570 320,579 342,197 
Income before income taxes$247,508 $719,957 $893,718 
Income tax expense/(benefit) attributable to income before income taxes consists of the following (in thousands):
         
December 28, 2024December 30, 2023December 31, 2022
Current:  
Federal$287 $1,574 $(206)
State1,956 1,336 2,288 
Foreign81,704 104,997 105,368 
Total current83,947 107,907 107,450 
Deferred:  
Federal(121,872)(22,868)35,290 
State(1,643)(28,511)18,150 
Foreign1,231 3,040 (14,264)
Total deferred(122,284)(48,339)39,176 
$(38,337)$59,568 $146,626 

Income tax expense/(benefit) for the years ended December 28, 2024, December 30, 2023 and December 31, 2022, differed from the amount computed by applying the statutory U.S. federal income tax rate to income before income taxes as a result of the following (in thousands):
        
December 28, 2024December 30, 2023December 31, 2022
Computed "expected" tax expense$51,977 $151,191 $187,681 
Change in valuation allowance50,231 27,713 (3,241)
Non-deductible compensation expenses3,443 5,779 5,320 
Deferred tax on unremitted foreign earnings1,897 3,686 4,939 
Foreign rate differential13,817 16,607 17,628 
Withholding taxes(4,063)(4,696)(325)
Change in uncertain tax positions(2,594)(3,477)8,167 
State income taxes, net of federal benefit(9,786)(20,868)10,738 
Biofuel tax incentives(127,081)(125,006)(77,189)
Global intangible low taxed income1,882 14,943 5,745 
Change in contingent payment liability(16,029)(655)— 
Change in tax law— (5,890)(13)
Equity compensation windfall(341)(2,241)(13,441)
Other, net(1,690)2,482 617 
$(38,337)$59,568 $146,626 

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 28, 2024 and December 30, 2023 are presented below (in thousands):
        
 December 28, 2024December 30, 2023
Deferred tax assets:  
Loss contingency reserves$14,099 $15,247 
Employee benefits13,715 15,466 
Pension liability3,307 3,193 
Interest expense carryforwards87,702 53,591 
Tax loss carryforwards417,119 291,910 
Tax credit carryforwards2,771 2,051 
Operating lease liabilities56,484 57,503 
Inventory9,705 17,013 
Accrued liabilities and other62,800 23,090 
Total gross deferred tax assets667,702 479,064 
Less valuation allowance(86,927)(40,063)
Net deferred tax assets580,775 439,001 
Deferred tax liabilities:
Intangible assets amortization, including tax deductible goodwill(256,453)(248,146)
Property, plant and equipment depreciation(192,280)(242,666)
Investment in DGD Joint Venture(316,993)(324,583)
Operating lease assets(55,221)(56,098)
Tax on unremitted foreign earnings(16,492)(18,139)
Other(13,990)(29,832)
Total gross deferred tax liabilities(851,429)(919,464)
Net deferred tax liability$(270,654)$(480,463)
Amounts reported on Consolidated Balance Sheets:
Non-current deferred tax asset$22,368 $17,711 
Non-current deferred tax liability(293,022)(498,174)
Net deferred tax liability$(270,654)$(480,463)
     
At December 28, 2024, the Company had net operating loss carryforwards for federal income tax purposes of approximately $1.4 billion which can be carried forward indefinitely. The Company had interest expense carryforwards of approximately $383.9 million and $141.5 million for federal and state income tax purposes, which may be carried forward indefinitely. The Company had approximately $583.0 million of net operating loss carryforwards for state income tax purposes, $430.8 million of which expire in 2025 through 2044 and $152.2 million of which can be carried forward indefinitely. The Company had foreign net operating loss carryforwards of approximately $273.6 million, $30.9 million of which expire in 2025 through 2038 and $242.7 million of which can be carried forward indefinitely. Also at December 28, 2024, the Company had U.S. federal and state tax credit carryforwards of approximately $2.4 million. As of December 28, 2024, the Company also had a valuation allowance of $86.9 million due to uncertainties in its ability to utilize certain of its state net operating loss and credit carryforwards, foreign net operating loss carryforwards and other foreign deferred tax assets.

At December 28, 2024, the Company had unrecognized tax benefits of approximately $10.8 million. All of the unrecognized tax benefits would favorably impact the Company’s effective tax rate if recognized. The Company does not believe that unrecognized tax benefits will change in the next twelve months. The Company recognizes accrued interest and penalties, as appropriate, related to unrecognized tax benefits as a component of income tax expense. As of December 28, 2024, interest and penalties related to unrecognized tax benefits were $2.2 million.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):
December 28, 2024December 30, 2023
Balance at beginning of Year$13,872 $17,842 
Change in tax positions related to current year(4,600)(1,883)
Change in tax positions related to prior years1,480 (1,986)
Change in tax positions due to settlement with tax authorities— — 
Expiration of the statute of limitations— (101)
Balance at end of year$10,752 $13,872 

In fiscal 2024, the Company’s major taxing jurisdictions are U.S. (federal and state), Belgium, Brazil, Canada, China, France, Germany, the Netherlands and Poland. The Company is subject to regular examination by various tax authorities. Although the final outcome of these examinations is not yet determinable, the Company does not anticipate that any of the examinations will have a significant impact on the Company’s results of operations or financial position. The statute of limitations for the Company’s major jurisdictions is open for varying periods, but is generally closed through the 2013 tax year.

The Company expects to have access to its offshore earnings with minimal to no additional U.S. tax impact. Therefore, the Company does not consider these earnings to be permanently reinvested offshore. As of December 28, 2024, a deferred tax liability of approximately $16.5 million has been recorded for any incremental taxes, including foreign withholding taxes, that are estimated to be incurred when those earnings are distributed to the U.S. in future years.

On August 16, 2022 the U.S. government enacted the IR Act that includes a new 15% alternative minimum tax based upon financial statement income (“book minimum tax”), a 1% excise tax on stock buybacks and tax incentives for energy and climate initiatives, among other provisions. The provisions of the IR Act are generally effective for periods after December 31, 2022 with no impact to our income tax provision or net deferred tax assets. The blender tax credits, which are refundable excise tax credits, expired on December 31, 2024. The CFPC, a transferable income tax credit, becomes effective from 2025 through 2027. We are currently assessing these tax incentives which could materially change our tax rate in future years. We will continue to evaluate the applicability and effect of the IR Act as more guidance is issued.
The Organization for Economic Co-operation and Development (OECD) has a framework to implement a global minimum corporate income tax of 15% for companies with global revenues above certain thresholds (referred to as Pillar 2) that has been agreed upon in principle by over 140 countries. While it is not expected that the U.S. will enact legislation to adopt Pillar 2, certain countries in which the Company operates have adopted Pillar 2 legislation or are in the process of introducing legislation to implement Pillar 2. Although the framework provides model rules for applying the minimum tax, countries may enact Pillar 2 differently than the model rules and on different timelines and may adjust their domestic tax incentives in response to Pillar 2. Since the Company does not have significant operations in foreign jurisdictions with tax rates below the 15% minimum, Pillar 2 did not have a material impact in 2024; however, we are evaluating the potential consequences of Pillar 2 on our longer-term financial position.